US News: RWE shareholder activists will quote doubling in CO2 certificates

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(Bloomberg) - A small activist investor urges the RWE AG to accelerate the swing towards clean energies. He argues that the market value of the Group could double by lignite business at a separation.

As part of this respect credible plan RWE shares at 61 euros or more could specify that Enkraft Capital GmbH stated on 6 September in a letter to the Executive Board and Supervisory Board of RWE, the Bloomberg News exists. Economically, the lignite activities were no longer relevant.

RWE confirmed to have been contacted by Enkraft and told to be open to policy debates with investors always. So far, the group was planning to shut down the last coal power plant by 2038 in accordance with the objectives of the federal government.

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Enkraft is only a small investor, specializing in renewable energy. The recent campaign of Engine No. 1 against Exxon Mobil Corp. has shown that significant even a little-known hedge fund influence can take on the strategy of energy giant.

as activist investor Enkraft occurred already at wind farm operator PNE AG in appearance after Morgan Stanley infrastructure fund in 2019 provided for the company. According to the company Enkraft holds 500,000 shares in the RWE and is advised by 7Square, a company that even large investors such as Elliott Management Corp. or Cerberus Capital Management LP is used for activist campaigns in Germany.

Price of carbon allowances has surged © Bloomberg Price of carbon allowances has surged

Enkraft estimates RWE could rake in 10 billion to 13 billion euros if it turns off its brown coal power plants and sold instead emission, which has accumulated in the past to the current record prices .

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RWE Shares is compared with the year around 5% in the red. On Wednesday the title in Xetra closed at 32.73 euros.

give investors exclusively green power generators as EDP Renovaveis SA or Orsted AS a significantly higher price / earnings ratio. EDP ​​and Orsted listed currently at times to 19 to the estimated 2022 profit, as Enkraft notes. RWE shares comes on an adjusted basis, however, only approximately 6 times.

Room to Gain © Bloomberg Room to gain

The topic is also politically interesting in view of the forthcoming general election. A new government could possibly order the shutdown of coal plants earlier and analysts argue that the rising cost of carbon credits could make lignite faster uneconomical.

The higher the price of CO2, the greater the incentive for RWE, power plants must be shut down earlier with the money from the sale of the relevant certificates, as analysts at Bernstein said in a recent report.

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Olivier Faure re-elected at the head of the PS .
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